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La-Z-Boy fiscal Q4 profit climbs 7.7% YOY

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La-Z-Boy fiscal Q4 profit climbs 7.7% YOY

La-Z-Boy Inc. said its normalized net income for the fiscal fourth quarter ended April 25 was 37 cents per share, compared with the S&P Capital IQ consensus estimate of 38 cents per share.

EPS climbed 11.7% year over year from 33 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $18.9 million, an increase of 7.7% from $17.5 million in the year-earlier period.

The normalized profit margin dropped to 4.8% from 5.0% in the year-earlier period.

Total revenue climbed 6.2% on an annual basis to $374.9 million from $353.0 million, and total operating expenses grew 5.8% from the prior-year period to $344.2 million from $325.4 million.

Reported net income grew 32.3% on an annual basis to $19.7 million, or 38 cents per share, from $14.9 million, or 27 cents per share.

For the year, the company's normalized net income totaled $1.22 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $1.27.

EPS rose 11.7% from $1.09 in the prior year.

Normalized net income was $63.8 million, a gain of 8.7% from $58.7 million in the prior year.

Full-year total revenue rose 5.0% on an annual basis to $1.43 billion from $1.36 billion, and total operating expenses rose on an annual basis to $1.32 billion from $1.26 billion.

The company said reported net income grew 14.2% year over year to $67.0 million, or $1.28 per share, in the full year, from $58.7 million, or $1.09 per share.